What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy is also know as Liquidation or Straight Bankruptcy. This involves the court appointing a Trustee who may liquidate or sell some things that you own to pay your creditors. From this, most
of your debt will be canceled, but you may choose to pay some
creditors, usually to keep a car or home in which the creditor has a
lien.

Chapter 7 Liquidation
Subchapter I. Officers and Administration
11 USC § 701. Interim trustee
(1) Promptly after the order for relief under this chapter, the United States trustee shall appoint one disinterested person that is a member of the panel of private trustees established under section 586(a)(1) of title 28 or that is serving as trustee in the case immediately before the order for relief under this chapter to serve as interim trustee in the case.
(2) If none of the members of such panel is willing to serve as interim trustee in the case, then the United States trustee may serve as interim trustee in the case.
(b) The service of an interim trustee under this section terminates when a trustee elected or designated under section 702 of this title to serve as trustee in the case qualifies under section 322 of this title.
(c) An interim trustee serving under this section is a trustee in a case under this title.